The Conservative party has promised to slash red tape if it wins the general election next year.
John Redwood, the shadow secretary of state for deregulation, said that cutting companies’ spending on administration and bureaucracy by 25 per cent was a realistic target.
He added that some legislation would be abolished such as the Working Time Directive and Employment Regulations Act.
The DTI would be reduced in size and the Employee Relations Act, which gave more rights to trade unions, would be repealed, Redwood said.
New statutory dismissal procedures, which came into force in October, would also be abolished.
The Conservatives also promised to introduce regulatory budgets, which would require every government department to estimate the cost of regulations it was responsible for.